宏观双周报：关注进一步政策措施和行业趋势

Policy Measures - Recent policies include the implementation of 1 million urban village and dilapidated housing renovations and an increase in the "white list" credit scale to CNY 4 trillion, signaling positive developments in the real estate sector[2] - As of October 26, the transaction area of commercial housing in 30 major cities was 7.3641 million square meters, down 9.97% year-on-year, but significantly improved from a 32.43% decline in September[10] Monetary Policy - The People's Bank of China (PBOC) has implemented a second reduction in deposit rates within three months, with a 25 basis points (bps) cut in both the 1-year and 5-year Loan Prime Rates (LPR) on October 21[13] - On October 18, the PBOC and the China Securities Regulatory Commission (CSRC) launched two support tools for the equity market, with an initial operation amount of CNY 50 billion for the swap facility[3] Corporate Performance - In September, the cumulative profit of industrial enterprises above designated size fell to -3.5% year-on-year, with a monthly decline of 27.1%[15] - The profit margin for industrial enterprises dropped to 4.8% in September, reflecting a significant decrease in profitability[15] Market Trends - The A-share market experienced a 2.55% increase in the Shanghai Composite Index over the past 10 trading days, with the ChiNext Index rising by 2.93%[18] - Financing balances increased by CNY 77.754 billion from October 14 to October 24, indicating a positive sentiment in the market[18] Risks - Potential risks include geopolitical tensions that could lead to significant fluctuations in oil prices and the possibility of policy measures not meeting expectations, which could slow down economic recovery[21]